Coinbase Seeks CFTC Approval for Single-Stock Perpetual Futures

Coinbase Derivatives has filed with the Commodity Futures Trading Commission (CFTC) to list US single-stock perpetual futures, including contracts on Apple and Tesla stocks. This move marks a significant step towards bringing a popular financial instrument to the regulated US market.

The filing is part of a two-regulator process, which also involves registration with the U.S. Securities and Exchange Commission (SEC). Coinbase Derivatives filed a Form 1-N with the SEC on September 1 to register as a national securities exchange and a security futures broker-dealer, according to the company's chief policy officer Faryar Shirzad.

The perpetual futures contracts would be cash-settled, have no fixed expiration, and use hourly funding payments. They would trade from Sunday at 8 p.m. Eastern Time (ET) to Friday at 5 p.m. ET. The structure is built offshore on crypto rails, but a regulated US venue could offer greater security for American traders.